Television and Home Theater

New member here.  I hate starting out with a problem, but I'm really bugged about this.

 New TV bought 3mo ago, still under warranty.  Thought I'd ask before calling service.

When I power on my TV, the power LED flashes continuously (green light) for about 60 seconds.  Then, it remains lit and the TV goes from black to vertical color bands all across the TV.  The color bands remain on the TV screen. 

I have a philips 43" HD (Model #43PP920217). The picture went out and there is a faint high pitched sound comming out of it. Can someone tell me what might be wrong and how much it might cost to repair. We don't have any local repairmen here so not sure what to do.

Thank You